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Indian Century

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Republic of India

The Indian Century[1][2] is a neologism suggesting that the 21st century will be dominated by India, as the 20th century is often called the American Century,[3] and the 19th century British Century.[4][5] The phrase is particularly used in the assertion that India's economy could overtake[6][7] the economies of the United States and the economy of China as the largest national economy in the world,[8] a position it historically held[9] from the 1st to the 18th century CE.[10]

Debates and factors

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According to the report named "Indian Century: Defining India's Place in a Rapidly Changing Global Economy" by IBM Institute for Business Value, India is predicted to be among the world's highest-growth nations over the coming years.[11][12][13]

As per a report released by Federation of Indian Chambers of Commerce & Industry (FICCI) and McKinsey & Company titled "India’s Century – Achieving sustainable, inclusive growth", India has the potential to become an "economic superpower" before its 100th year of Independence (2047).[14][15]

India is a member of Build Back Better World and has also created North–South Transport Corridor as an alternative to the Belt and Road Initiative policy initiative of China (PRC),[16][17][18] to link in with Iran, Russia, the Caucasus, and Central Asia. In 2017, India and Japan[19][20] joined together to form the Asia-Africa Growth Corridor in order to better integrate the economies of South, Southeast, and East Asia with Oceania and Africa.[19][20] India also engages in the Quadrilateral Security Dialogue and in Malabar (naval exercise) as part of a China containment policy.

Top five countries by military expenditure in 2023.[21]

One of the key factors includes its populous democracy.[22][23] According to a United Nations report, India overtook China to become the world's most populous nation in 2023. [24]

Economists and researchers at Harvard University have projected India's 7% projected annual growth rate through 2024 will continue to put it ahead of China, making India the fastest growing major economy in the world.[25][26] In 2017, the Center for International Development at Harvard University published a research study[27] projecting that India has emerged[27] as the economic pole of global growth by surpassing China and is expected to maintain its lead over the coming decade.[27]

India has very recently been considered either a major great power or to be emerging as such (well beyond middle powers) and is generally considered an emerging superpower due to its large and stable population and its rapidly growing economic and military sectors.[28]

See also

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References

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  1. ^ Nayan Chanda; Clyde Prestowitz (3 December 2012). A World Connected. Yale University Press. ISBN 978-0977992201.
  2. ^ Martin Halliwell; Catherine Morley (2008). American Thought and Culture in the 21st Century. Oxford University Press. p. 10. ISBN 9780748626021.
  3. ^ "21st century is going to be Indian century: Alagappan". OneIndia(UNI). 1 December 2007. Archived from the original on 14 July 2014. Retrieved 5 July 2021.
  4. ^ Halliwell, Martin; Catherine Morley (2008). American Thought and Culture in the 21st Century. Edinburgh University Press. pp. 9–10. ISBN 978-0748626021.
  5. ^ admin (4 June 2014). "Empires and Colonialism in the 19th Century". American Numismatic Society. Archived from the original on 22 October 2024. Retrieved 22 October 2024.
  6. ^ "The West and the Rest in the International Economic Order". Organisation for Economic Co-operation and Development. Retrieved 2 July 2017.
  7. ^ "China, India to Overtake U.S. Economy by 2050". U.S. News & World Report. Retrieved 2 July 2017.
  8. ^ "Of Oxford, economics, empire, and freedom". The Hindu. Chennai. 2 October 2005. Archived from the original on 27 October 2005. Retrieved 6 December 2010.
  9. ^ An Era of Darkness: The British Empire in India. Aleph Book Company. 2016. ISBN 978-9383064656.
  10. ^ Schmidt, Karl J. (20 May 2015). An Atlas and Survey of South Asian History. Routledge. ISBN 978-1-317-47681-8. Retrieved 21 October 2024. Alt URL
  11. ^ Banda, Madhuri; Patrao, Clifford; Marshall, Anthony. "Indian Century - Defining India's place in a rapidly changing global economy". Institute for Business Value. Retrieved 29 August 2020.
  12. ^ Team, BS Web (10 December 2015). "India to be world's highest growth nation in 21st century: IBM study". Business Standard. Retrieved 11 February 2016.
  13. ^ "21st century is India's century: IBM chief Virginia Rometty". Moneycontrol.com. 14 July 2015. Retrieved 11 February 2016.
  14. ^ Anand, Saurav (16 December 2022). "FICCI, McKinsey lays down roadmap to achieve ₹10 L per capita income by 2047". mint. Retrieved 26 May 2023.
  15. ^ "India's Century – Achieving sustainable, inclusive growth" (PDF). www.india-century.com. FICCI; McKinsey & Company. December 2022. Retrieved 26 May 2023.
  16. ^ "India ratifies TIR Convention to access transnational multi-modal connectivity". Mint. 19 June 2017. Retrieved 30 June 2017.
  17. ^ "Watch Out, China: India Is Building A 'New Silk Road' Of Its Own". Forbes. Retrieved 30 June 2017.
  18. ^ "PM Modi in Russia: How fastracking North-South corridor will help India counter Chinese OBOR". The Financial Express (India). June 2017. Retrieved 30 June 2017.
  19. ^ a b "India And Japan Join Forces To Counter China And Build Their Own New Silk Road". Forbes. Retrieved 1 August 2017.
  20. ^ a b "Ignoring OBOR, India and Japan forge ahead with joint connectivity project". The Economic Times. Archived from the original on 12 January 2018. Retrieved 1 August 2017.
  21. ^ "Trends in World Military Expenditure, 2023" (PDF). Stockholm International Peace Research Institute. April 2024. Archived (PDF) from the original on 21 October 2024. Retrieved 21 October 2024.
  22. ^ "'India’s decade could pave way for an Indian century'." Archived 2013-05-08 at the Wayback Machine Hindustan Times.
  23. ^ "Next century will be India's, says WSJ". Oman Tribune. Archived from the original on 19 January 2015.
  24. ^ "UN DESA Policy Brief No. 153: India overtakes China as the world's most populous country". un.org. Retrieved 18 October 2024.
  25. ^ "New Growth Projections Predict the Rise of India, East Africa and Fall of Oil Economies". 7 May 2015. Archived from the original on 4 July 2017. Retrieved 12 April 2016.
  26. ^ "India Will Be Fastest-Growing Economy for Coming Decade, Harvard Researchers Predict". The Wall Street Journal. 1 January 2016. Retrieved 12 April 2016.
  27. ^ a b c "New 2025 Global Growth Projections Predict China's Further Slowdown and the Continued Rise of India". Harvard University. Retrieved 10 July 2017.
  28. ^ Lydon, Christopher (6 August 2010). "Real India: A Historian's Cautions on "The Indian Century" (AUDIO)". Huffington Post.

Further reading

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